BAKU, Azerbaijan, May 5
By Elnur Baghishov – Trend:
Iran has about 15 years to make the most of its oil and gas fields, especially joint oil and gas fields, head of the Energy and Environment Committee of the Tehran Chamber of Commerce Industries Mines and Agriculture (TCCIMA), Reza Padidar told ILNA, Trend reports.
According to the Padidar, global demand for hydrocarbon energy sources will be high level until 2035. After that, hydrocarbon energy sources will gradually be replaced by alternative energy sources.
The official added that Iran has great potential in terms of human resources, knowledge and experience. Based on this, it can rely own potential on extraction from oil and gas fields, such as the Azar field, which has a more complex relief.
“The TCCIMA has proposed investing in the oil and gas sector by issuing participation bonds. This proposal will be considered by the Economic Council of Iran. If possible, about 15 trillion rials (about $357 million) will be spent on the development of oil fields through the issuance of bonds,” he said.
Padidar noted that increasing oil extraction from joint fields is one of the plans of the Ministry of Petroleum of Iran. Iran needs to invest $2.4 billion to develop joint fields. If the opportunity arises in this regard, the private sector will enter this field, because the private sector has the potential to increase extraction from joint fields to 2.5 million barrels daily.
The head stressed that about $31 billion is needed to be invested in all oil fields in Iran.